USDJPY dips to a support target

Technical Analysis

Author: Greg Michalowski | usdjpy

The 108.49 level is home to trend line on the daily and swing high from September

The USDJPY has dipped to a support target at the 108.49 level. The level is home to an upward sloping trend line on the daily chart. It was also the swing high from September. The price has traded above and below that swing high level in both October and November. However today it is joined by the upward sloping trend line connecting the November lows. A move below should solicit more selling.

The 108.49 level is home to trend line on the daily and swing high from September
Key test for the pair.

What may be a help is that the stocks are off their worst levels of the day.  That may take some of the risk off flows in the pair.

Not helping the USDJPY (dollar selling) is that yields continue to weaken with the 10 year now down -12 basis points at 1.6985%. The low yield reached 1.6917%.  

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